Growth in copper continues to leave marketers' forecasts far below their real value. The red metal rose to about $7,000, leaving the average $6100 average for the fourth quarter. Traders are optimistic about the growth of the Chinese economy, which will support metal demand. On the other hand, the green mania among electric cars contributes to the demand for the metal used for the production of electric motors. Over the past year, we have witnessed a lot of bold decisions by many governments that have made decisions to ban cars with ordinary ICE in the central parts of the capitals and the larger and polluted cities. Many of the countries in question have also introduced incentive programs for the purchase of electric vehicles financed by governments to reduce air emissions. All of this stimulates the production not only of electric cars but also of complete solutions for ecological urban transport requiring huge amounts of the red metal.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
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